China
Debt Desperation: How China’s Local Governments Resort to Harsh Tactics to Meet Financial Targets
"Overwhelm Them": Are China's Regional Governments Employing Unsustainable Strategies to Settle Debts?
From breaking pots to issuing unique bonds, local authorities are exhausting methods to extract additional funds from companies, according to specialists.
The audio features a dialogue between an anonymous employee from a healthcare tech firm and an officer named Zhang, who oversees market regulation in Chengwu county, located in the eastern part of Shandong province, China.
During the four-minute exchange, the official adopts an intimidating tone while explaining that his county needs to meet certain revenue goals from local businesses annually to address budget deficits.
In the recording, Zhang confesses, "I'm not well-versed in aiding businesses to succeed," but then firmly adds, "I certainly know how to destroy them."
The discussion highlighted the dire financial situations and overwhelming debt burdens that local authorities are grappling with, and the extreme measures that some city officials have taken to try and reduce this debt.
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